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Crypto markets are expected to remain shaky ahead of Friday’s U.S. inflation data release, one trading desk said.

"It looks like bitcoin options traders appear to be hedging their bets to the downside ahead of the U.S. election this week," one observer said, noting pricier puts on the CME.

BTC is down nearly 9% in the last 24 hours having dropped below the $60,000 support level late on Tuesday.

BTC is down nearly 9% in the last 24 hours having dropped below the $60,000 support level late on Tuesday.

The Japanese yen swung wildly on Monday, recovering 500 pips from over three-decade lows on suspected BOJ intervention.

The rise in crypto volatility has been accompanied by increased market participation in the bitcoin market, Kaiko said.

After the halving, fees spiked to $146 for a medium-priority transaction and $170 for a high-priority transaction.

The MOVE index, which measures expected volatility in U.S. Treasury notes, spiked to the highest since January, hinting at tighter financial conditions ahead.

Overbought conditions also surely played a role in bitcoin's Monday decline.

The blame this time can't be laid on macro jitters as stocks are up big again, with the Nasdaq and S&P 500 both more than erasing early August declines.